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Russian Diamonds

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Diamonds in Russia have a uniquely interesting history. Starting back in 1719, the Russian Emperor at the time started his private collection, a massive one stored in a special diamond chamber in the winter palace.


Although the next three Emperors would also contribute, the diamonds of Peter the First made up the bulk of the collection. The collection was of course claimed for the public trust in the Soviet era, but the methods used to build the collection, combined with a collectivist economy, set the stage for an eventual governmental monopoly on diamonds produced in Russia.

Jump forward to the modern day, and we have the government of the Russian Federation running their own diamond cartel, in direct competition with multinational diamond concerns like DeBeers. Russia initially started mining diamonds at the height of the cold war to ensure a supply for manufacturing purposes, but their mines soon started finding many high quality stones, and in fact their mines were noted for producing significantly more stones, of higher quality, than comparable mines of the same size. Some controversy exists about the parallel program to produce synthetic diamonds, with some

russian diamonds

Diamond Shah

claiming that the Russian government was producing high quality gems before other countries had this technology, and were passing them off as mined diamonds to make huge profits in the international diamond trade.

Russia, more so than other diamond producing nations, has a fascination with named diamonds. One recently discovered public favorite is the “The Creator,” a massive diamond that tips the scale at a jaw dropping 289.5 carats!

Another famous named Russian diamond, the Diamond Shah, was not actually mined in Russia, but was instead a gift of appeasement from Fath Ali Shah, over an espionage related scandal. The actual gem itself was found in India and carries with it a history of bloodshed. Regardless of its history, it is a beautiful and remarkable gem, unique not only for its size and simplicity but also for its interesting engraving.

At present, the state of affairs in Russia has the government claiming the lion’s share of precious metals and gemstones of top quality. While one might think at first glance that this is beneficial, it limits growth and resource harvesting. Perhaps in future years, reform will take place and we can hope to see more Russian gems on the market.

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